Ripple wants to target the Chinese market with its distributed ledger technology designed to speed up cross-border payments, an executive at the firm told CNBC.
"China is definitely of interest, it is definitely a target," Jeremy Light, vice president of European Union strategic accounts at Ripple, told CNBC in a phone interview. "China is definitely a country and region of interest."
Earlier this year, the blockchain company struck a deal with Hong Kong-based financial services firm LianLian International, aimed at powering the latter's cross-border transactions between China, the U.S. and Europe. It is not clear whether Ripple's technology is being deployed by LianLian yet.
Blockchain, also known as distributed ledger, is the technology that underpins cryptocurrencies like bitcoin. It records transactions across multiple locations, rather than one centralized server. Ripple's distributed ledger technology is different to bitcoin's, however, as transactions are validated by a network of independent servers — owned by banks, retailers and traders — rather than the "miners" that validate transactions on bitcoin's public blockchain network.